I first met InfoChimps when they applied to be part of Capital Factory 2009. They were selected as a Finalist but just missed the cut for the 5 companies that we invested in. I really like the three founders and the vision and have kept in touch with them and help out in any way that I can.
Recently, InfoChimps presented at the DEMO event and I spent some time helping to improve their pitch. We recorded a few of the pitches along the way and I think this is a useful example of going from good to great. There was one meeting in person but the rest happened virtually so it is easy to follow along by just watching the videos and reading our emails and comments in order. The comments are just copy-and-paste from the YouTube video comments for ease of reading.
If I had to pull out a few key points to summarize it would be:
- The goal is different with a 90 second pitch versus a 10 minute vs. a 30 minute pitch
- Always start by describing the PROBLEM
- With a short pitch, its more important to clearly communicate the problem than your solution. If they care about the problem, they will follow up to ask more about your solution
- Tell a story about how someone uses your solution to solve the problem, don't describe your features
- Only try to get across 2 or 3 key points in a short pitch. Repeat them multiple times.
- Practice your pitch 100 times before you give. Keep count. Record 1 in 10 and watch it.
- Close by making a point, not by saying "I'm done or thank you". This is your big chance to leave a lasting impression and its probably the most important sentence in your pitch.
Here is the play by play...
From Joseph Kelly:
We are good. Sorry we missed Demo Day last week, we were just too busy. We have made some great strides on the website and will be showing it off as an Alpha Pitch company at DEMO next week. We will also be announcing the few vendors we have signed up to sell data, including Zogby the polling firm.
From Joshua Baer:
Do you want help preparing for DEMO? I've done a lot of pitching... I'm at TC50 right now seeing tons of pitches. I'm back in Austin on Friday and could get together that afternoon or over the weekend if you want.
Session 1 - in my office
From Joshua Baer:
The first thing I suggested to them was to plan on practicing the pitch at least 100 times before they gave it. With only a few days to go, that meant 30 times a day. I asked them to keep count and to record themselves occasionally so that they could review it and so that they could share it with me privately over YouTube.
We talked about what their goal was with the 90 second pitch. We agreed that the main point was to get people excited about InfoChimps enough to talk to them in person or visit their website to learn more. In 90 seconds you can't describe everything you do - your main focus should be on describing what a big problem it is. If people care about that problem, they will be interested in finding out more about how you solve it. If they don't care about the problem, they probably won't care about how you solve it no matter how cool it is.
From Joshua Baer:
After hearing the pitch, the focus of my feedback was on simplifying the message. Say less. Give fewer examples. Take out all of the distracting name dropping of people and company names. With 90 seconds, you can only get across two or three key concepts. Things go in one ear and out the other so you need to repeat the messages multiple times in order to get them to stick.
Feedback I end giving almost every entrepreneur the first time I see them present is:
- Tell a story, don't describe your features
- Close by making your point with a strong sentence they can remember.
Session 2 - in the airport
From Joshua Baer:
You're talking slower but you still need to slow down even more. And that was still over the time. Even if they won't cut you off at 90 seconds its rude and unprofessional to go over. You should try hard to end right on time.
Instead of the first example that talks about the iraq researcher and how she uses InfoChimps, give that same example but describe what she would have to do WITHOUT InfoChimps. Describing the problem is more powerful than describing your solution.
If you want to think in terms of time allocated, you should probably be spending at least 30 seconds of your 90 seconds talking about the problem (not about how you solve it, just describing the problem).
Make sure you have a strong closing! It should be one sentence and you need to say it with passion!
From Bryan Menell:
If you have time in those 90 seconds, include your success to date: "We're already the largest data set provider on the Yahoo blah blah thing" it only takes one sentence, and makes be believe you have some traction already. You can also add "with additional capital, we can do even more" or whatever that part needs to be.
Session 3 - in the hotel
From Joshua Baer:
Nice! The pace is right - you've slowed it down and you're taking some nice pauses. Don't forget that when you're up on stage and nervous!
Great job starting with the problem. The example, and the story that follows are awesome!
Shorter is better than longer! Finishing early is IMPRESSIVE!
This really sounds fantastic. GREAT JOB guys! You're going to kill it tomorrow!
From Bryan Menell:
I agree! Great pace makes you sound relaxed and confident. We hear the problem, your solution, you're already getting traction in the market, so come learn more. Love it.
To reiterate what Josh says, when people are nervous they tend to talk faster, so be aware of your pacing. Keep the pace you have here, it's excellent.
The most exciting thing I heard was about how a family could use your site to figure out the area for their next home. I like Josh's idea of here's what it would take without InfoChimps.
Definitely close with "the site is live right now, and you can learn more at booth X"
post another when you refine it again, and memorize that pitch! You'll do great!
The Real Deal - DEMO
I must admit that was very impressed with the final result. Dhruv obviously practiced it over and over and was receptive to the feedback we gave him. And here is Dhruv's 90 seconds of fame at DEMO
Bonus Material
Here are the comments from Dhruv's mom.
From Meera Bansal:
Dhruv, I hope to goodness that none of these are the actual pitches. They all sucked.
1.The bathroom one was spontaneous and well spoken but are you selling yourself or Infochimps?? Totally unprofessional.
2. Stop looking at your teleprompter. Memorize the lines please!
3. Very amateurish.I would not invest in your company.
The sum of all three: The content is good The examples help. The delivery has to be worked on and be absolutely professional. You are all big boys now
playing & competing with other big boys. So go work on it some more.
Call after the actual pitch is done. All the best.
Love, Mom
And just in case you're curious, here is InfoChimp's original video application for Capital Factory 2009 and Dhruv's now infamous "shower pitch".
I'm getting "this is a private video" messages on the first two in this blog, and I can't watch them.
Posted by: Ian Clarke | November 01, 2009 at 07:26 PM